Shiba Inu Correlation With Bitcoin at Its Highest YTD: As the broader digital currency ecosystem veers toward a new bullish revival, on-chain data has shown that meme coin Shiba Inu (SHIB) is now exhibiting one of its strongest correlations with Bitcoin (BTC) in the Year-to-Date (YTD) period.
Shiba Inu Correlation With Bitcoin at Its Highest YTD
Shiba Inu Correlation With Bitcoin at Its Highest YTD: According to data from crypto analytics outfit IntoTheBlock, the Shiba Inu correlation with BTC is currently pegged at 0.8. In terms of price action, the correlation is not showing forth as Bitcoin is currently on a bullish growing streak, where it has added 8.70% in the past 24 hours and is trading at $24,364.89.
The opposite holds true for Shiba Inu, which has recorded a milder growth of 1.78%. On the weekly chart, BTC is up by 8.6%, while Shiba Inu is experiencing a milder price reversal within the said time frame. Shiba Inu is known for its massive volatility, and it is not uncommon to find the meme coin print massive price uptrends. The current correlation with Bitcoin offers a very good omen despite its relatively lower price growth.
Other Shiba Inu advantages
Shiba Inu Correlation With Bitcoin at Its Highest YTD: It is a well-known fact that the Shiba Inu token has one of the best ecosystems in terms of community solidarity as well as potential protocol utility at play. From the recent launch of the beta version of Shibarium to the integration of SHIB as a payment alternative in a series of online merchant outlets, the token’s potential for growth in the long term appears high.
Currently trading at a price of $0.00001099, we can expect Shiba Inu to maintain further upticks in the short term as well as in the long term. This outlook will notably be boosted by the deflationary tendencies that Shibarium will add to the protocol.
Shiba Inu
Shiba Inu Correlation With Bitcoin at Its Highest YTD: Shiba Inu is an Ethereum-based alternative cryptocurrency inspired by a Japanese breed of dog of the same name. It experienced a massive bull run in 2021, entering the top 10 biggest cryptocurrencies by market cap in late October.
Shiba Inu (SHIB) Bounces Unexpectedly
Shiba Inu Correlation With Bitcoin at Its Highest YTD: Shiba Inu has been on a wild ride lately, with the digital currency avoiding a death cross formation and bouncing back from its local low. Over the last two days, Shiba Inu has been going up, with many traders hoping this is a sign of better things to come. One factor that may have contributed to Shiba Inu’s recent recovery is the return of USDC to a $1 peg.
A death cross formation occurs when a short-term moving average crosses below a long-term moving average, indicating a potential downtrend for an asset. This can be a sign that the asset is losing momentum and that sellers are starting to take control.
Check Also: What Are The 10 Latest Types Of Cryptocurrency?
